How to Protect Yourself from Credit Card Fraud?

How to Protect Yourself from Credit Card Fraud?

Credit Cards are immensely useful after all it helps you make quick and hassle-free payments. You do not have to worry about carrying cash with you anymore since an online Credit Card makes certain paperless transactions are safer and more secure. However, there are downsides to owning a Credit Card as well, the major one being Credit Card fraud.

This type of fraud is immensely unpredictable. It does not come with any kind of warning and can occur to anyone. Individuals are regularly cheated in many ways, be it through low tech theft or high tech hacking. A majority of the frauds that takes place today occur because of counterfeit card use. No, we do not mean to alarm you, but this is to stress why protecting yourself from Credit Card fraud is vitally essential. Here is how you can safeguard yourself from these scams.

Examine your monthly statement carefully

Reviewing your monthly Credit Card statements punctually and cautiously is imperative. If you happen to observe any of odd transaction during this process, make sure you report this to your card issuer within 30 to 60 days after receiving the statement immediately. If you are not confident about your purchases, collecting all of the receipts and comparing it later with your statement is a good idea.

Check your mobile alerts

Keeping a watch on your SBI Credit Card and other card transactions is tough, but you won’t be facing this issue when you subscribe to mobile/e-mail alerts. Going through the entire message sent to you by your card provider is essential. This helps you stay abreast of any invalid transaction. If you do happen to find any unauthorised transaction, reporting this incident to your customer care service without any delay is the key.

Report stolen or lost cards

A stolen or lost Credit Card can easily be misused for many purposes. Just a little bit of technical knowledge and a little understanding of your personal information is enough for your card to be susceptible to many frauds. If your card is stolen or missing, the first thing you need to do is contact your concerned bank and report it immediately. Reporting the issue makes sure that any payments or costs charged to your Credit Card are not accountable to you. Canceling your card can impact your credit score so refrain from doing so.

Discontinue the use of public Wi-Fi

Public Wi-Fi can seem like an advantageous public service; however, in certain, cases, it can prove to be problematic. Do not use public Wi-Fi when it comes to making Credit Card payments. Using public Wi-Fi means connecting with an unknown server. This usually implies offering your personal details to a hacker on a silver platter. Refrain from using public Wi-Fi especially when it comes to making payments and if you suspect anything fishy, discontinue from doing so altogether.

Shop online only from reputed and recognizable merchants

Carrying out online transactions from reputed merchant websites is fine as long as your own security is not at stake. Small vendors may not possess the required security mechanisms. This could mean that your sensitive personal information is inevitably at risk. After you conduct a financial transaction online, make sure you obtain a mobile alert/confirmation email from the vendor or merchant. This assures you that the money has reached the vendor/merchant.

Safeguard your PIN at all costs

Protecting your PIN and password is very important even from your customer care executive. When having a conversation with customer care, make sure to key-in or enter your PIN rather than spelling it out over the phone. It can prevent the sharing of sensitive information over the phone to a great extent. Other than that, do not reveal these details to anyone.

Utilize secure networks only after verifying the source

Do not blindly click links from an e-mail and head to your Credit Card account online. Always make sure to visit your Credit Card or net banking account through the card issuers or bank’s website. When inserting card details over the internet, be sure that the website’s URL address begins with https (here s stands for security) and not merely http. An indication of a secure site is the sign of a closed padlock. You will find this symbol on the right upper corner of the screen.

Before going in for Instant Approval Credit Cards, it is essential to know the many ways that frauds can attempt to con you out of your money. Skimming (physically robbing information from a card), stealing (pinching the card itself) and phishing (fraudulent emails disguised as original emails are sent to cardholders asking for details) are common kinds of Credit Card fraud. See that you stay away from these scams and deceptions by learning to safeguard yourself with these strategies.

Also Read: 7 Merits of Credit Cards

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